The search of knowledge through objective and systematic method of finding solution to a problem is research. Business research is defined as the systematic and objective process of generating information for aid in making business decisions.
OBJECTIVES OF RESEARCH
To gain familiarity with a phenomenon or to achieve new insights into it (studies with this object in view are termed as exploratory or formulative research studies) To portray accurately the characteristics of a particular individual, situation or a group (studies with this object in view are known as descriptive research studies) To determine the frequency with which something occurs or with it is associated with something else (studies with this object in view are known as diagnostic research studies) To test a hypothesis of a causal relationship between variables (such studies are known as hypothesis-testing research studies)
TYPES OF RESEARCH
Descriptive vs Analytical:
Ex post facto - no control over variables and can report only what has happened or what is happening Use facts or information already available and analyze these to make a critical evaluation of the material
Quantitative vs Qualitative
Quantity Underlying motives of human behaviour
Conceptual vs Empirical
Related to abstract ideas or theory Experience or observation alone
RESEARCH APPROACHES
Qualitative approach
Subjective assessment of attitudes, opinions and behaviour
Quantitative approach
Inferential data base from which to infer characteristics of the population Experimental control over the research environment Simulation construction of an artificial environment
SIGNIFICANCE OF RESEARCH
Inculcates scientific and inductive thinking Promotes the development of logical habits of thinking and organization Can be applied to several fields of business and industry Social relationships and in seeking answers to social problems
Methods are thus a subset of methodology Methodology not only methods but also the logic behind the methods we use in the context of the research study and explain why we are using a particular method or technique and why we are not using others so that research results are capable of being evaluated either by the researcher him/herself or by others
RESEARCH PROCESS
Define research problem Review literature
Review concepts and theories Review previous research finding
Formulate hypotheses Design research (including sample design) Collect data (execution) Analyze data (Test hypotheses if any) Interpret and report